Styland : ANNOUNCEMENT OF RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016

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STYLAND HOLDINGS LIMITED

大 凌 集 團 有 限 公 司 *

(Incorporated in Bermuda with limited liability)

(Stock code: 211) ANNOUNCEMENT OF RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016

The board of directors (the "Directors" or the "Board") of Styland Holdings Limited (the "Company") is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 30 September 2016 (the "Review Period") together with the comparative figures as follows:

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Six months ended 30 September
2016	2015
(Unaudited)	(Unaudited)
Note	HK$'000	HK$'000
TURNOVER	108,943	104,422
Revenue	2	30,959	31,482
Cost of sales	(1,600)	(3,523)
GROSS PROFIT	29,359	27,959
Other income	7,667	46,946
Administrative expenses	(38,787)	(27,560)
Selling and distribution expenses	(1,757)	(3,075)
Change in fair value of investment properties	14,789	12,000
Change in fair value of financial assets at fair value through profit or loss	(5,256)	(58,672)
Gain on disposal of financial assets at fair value through profit or loss	998	5,046
Unrealised fair value gain of derivative financial instruments	-	2,490
Impairment loss recognised in respect of loan receivables	(1,649)	(373)
Impairment loss recognised in respect of other receivables	(1,002)	(409)
Reversal of impairment loss recognised in respect of loan receivables	1,270	193

* For identification purposes only

Six months ended 30 September
2016	2015
(Unaudited)	(Unaudited)
Note	HK$'000	HK$'000
PROFIT FROM OPERATIONS	5,632	4,545
Finance costs	(3,570)	(2,065)
PROFIT BEFORE TAXATION	3	2,062	2,480
Income tax expense	4	-	-
PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	2,062	2,480
PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO
- Owners of the Company	3,696	6,457
- Non-controlling interests	(1,634)	(3,977)
2,062	2,480
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY	6
- Basic	HK0.08 cents	HK0.16 cents
- Diluted	HK0.08 cents	HK0.15 cents

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 September 2016	At 31 March 2016
(Unaudited)	(Audited)
Note	HK$'000	HK$'000
NON-CURRENT ASSETS
Furniture and equipment	4,174	4,712
Investment properties	308,200	283,333
Loan receivables	7	75,245	55,815
Intangible assets	3,386	3,386
Available-for-sale investment	-	-
391,005	347,246
CURRENT ASSETS
Inventories	-	35
Loan receivables	7	149,465	142,145
Accounts receivable	8	26,530	26,082
Promissory note receivables	14,013	3,809
Other receivables, deposits and prepayments	7,659	7,924
Financial assets at fair value through profit or loss	69,263	75,256
Derivative financial instruments	9	-	8,908
Tax recoverable	615	615
Client trust funds	40,044	50,068
Pledged bank deposits	6,259	6,249
Bank balances and cash	144,918	135,833
458,766	456,924
CURRENT LIABILITIES
Accounts payable	10	57,212	61,936
Other payables and accruals	8,896	7,379
Derivative financial instruments	9	-	7,709
Promissory note payables	61,700	50,250
Bank loans	157,503	118,148
285,311	245,422
NET CURRENT ASSETS	173,455	211,502
TOTAL ASSETS LESS CURRENT LIABILITIES	564,460	558,748

At 30 September 2016	At 31 March 2016
(Unaudited)	(Audited)
HK$'000	HK$'000
NET ASSETS	564,460	558,748
CAPITAL AND RESERVES
Share capital	43,895	43,530
Reserves	528,759	521,778
EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY	572,654	565,308
NON-CONTROLLING INTERESTS	(8,194)	(6,560)
TOTAL EQUITY	564,460	558,748